Wachovia raises rating on Mohawk

Charlotte, NC — Cheered as Mohawk Industries' second-quarter performance beat Wall Street expectations, Wachovia Securities raised its rating investment for the carpet and home fashions producer to "outperform" from a prior grade of "market perform."

With earnings per share of $1.12, unchanged from the year-ago period, the nation's second-largest producer of commercial and residential carpeting easily beat a consensus Wall Street earnings forecast of $1.05 per share.

"Mohawk's good results depict the diversity of its business within the floor covering industry, its pricing power and its ability to manage costs in a clearly difficult environment," Wachovia said in a research note.

The day after the results were announced, on July 17, Mohawk stock jumped up by 8.3 percent, or $4.84 a share, to $62.98, a 12-month high for the company's shares.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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